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Skincare Landscape of India

India's skincare market reached ~$6.93B in 2023 and is expected to reach $10.31B by 2028. 

The expansion can be attributed to increased disposable income, the growing trend of self-care among men, awareness around commonly used toxins in formulas which has created opportunities for clean, organic & vegan alternatives. The launch of aspirational global brands in India, has contributed to the growth- The Ordinary, cerave, and K-beauty brands like The Face Shop & LANEIGE.

Reliance Retail has introduced the omni-channel beauty platform Tira, while TATA CLIQ launched Tata CLiQ Palette. Additionally, Reliance has acquired the rights of SEPHORA India from Arvind Retail.

+ Incumbents are delving into the DTC space- Nykaa with Nykaa Naturals, Marico Limited with Pure Sense & Coco Soul, and Unilever with Love Beauty and Planet & Dermalogica.

+ Incumbents are getting involved via acquisitions & hashtag#funding . Nykaa secured a majority stake in Dot & Key Skincare & Earth RhythmITC Limited acquired a stake in Mother SparshColgate-Palmolive Palmolive invested in Bombay Shaving CompanyEmami Ltd has stake in The Man Company & Marico invested in Just Herbs.

+ In the recent past, later stage skincare brands have raised funding. Pilgrim secured $20M in funding from Vertex Ventures , Sunscoop's parent raised $7M from Amazon Sumbhav and others, while Nat Habit received $10.2M from Amazon India Fund and Fireside Ventures.

+ Celebrities are launching their own brands, like Kareena Kapoor & Sugar cosmetic’s  K-beauty brand Quench. Deepika Padukone’s 82°E . Manish Malhotra's and MyGlamm's skincare & beauty line.

+ DTC skincare brands are expanding globally, with WOWSkinScienceTR available on Walmart and Juicy Chemistry growing its global presence through Amazon Global selling. 

Minimalist & other efficacy based skincare brands excel in top-of-the-funnel marketing. Consumers  are leveraging UGC & dermatologist opinions & developing awareness. Sampling platforms like Smytten bridge the gap, fostering trust between consumers and brands, emphasizing the need for products to deliver results.

+ The surge of fresh-skincare is capitalizing on existing consumer habits of DIY skincare. Brands like Nathabit and Mamaearth are riding this trend.

Clean & organic beauty dominated the past 3-5 years, but now efficacy-focused skincare brands take the lead- Cetaphil, CeraVe, The Minimalist, The Ordinary.

+ Pigmentation concerns have led to a surge in the popularity of skin-lightening ingredients like Kojic Acid. In the last 12 months, searches for KA-based products have risen by 82% with a 15% increase in the number of KA products on Nykaa.

+ Barrier control and sunscreen with the right consistency, are other key wants of consumers. Hence the Hyalurons & ceramides are here to stay.

While the Korean skincare is saturated, new ingredients are emerging within the segment- rice water & snail mucin.

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